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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

 

Administrator
The individual or institution appointed by a court to oversee the settlement of the estate of a person who has died without a will.

 

Agreement for Sale
A document in which the purchaser agrees to buy certain real estate (or personal property) and the seller agrees to sell under stated terms and conditions. Also called sales contact, binder or earnest money contract.

 

Amortization
Gradual debt reduction. Normally, the reduction is made according to a pre-determined schedule for installment payments.

 

Annual Exclusion
The amount of money or property (currently $10,000 for an individual and $20,000 for a married couple) that may be given as a gift to a recipient each year without incurring a gift tax. The amount will be indexed for inflation after 1998.

 

Annual Percentage Rate
A term used in the Truth in Lending Act to represent the cost of a loan as a yearly rate.

 

Annuity
An interest-bearing contract between an individual and a life insurance company that guarantees periodic payments to the indivdual during a specific time period.

 

Appraisal

  • The process of evaluating the monetary worth of property that is part of an estate.
  • A formal, written estimation of the current market value of a home.

 

Appreciation
An increase in value, the opposite of depreciation.

 
 

 
 
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